BRP Group moves to acquire P&C provider Insurance Risk Partners

BRP Group | April 02, 2020

Baldwin Risk Partners Group (BRP Group) has announced that its subsidiary, Baldwin Krystyn Sherman Partners (BKS), has acquired all the assets of Insurance Risk Partners (IRP). Based in Oklahoma City, IRP is a provider of P&C insurance and additional consulting services. Founded in 2016, the firm’s client roster includes domestic and international infrastructure-focused private equity firms and their investment subsidiaries, as well as publicly-traded utilities, independent power generation facilities, and renewable power generation companies. A release said that IRP generated annual revenues of about $7 million. Following the acquisition, IRP will become part of and transition to the BKS Partners operating group.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

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CORE INSURANCE, INTELLECTUAL PROPERTY

NSM Insurance Group Acquires ELMC Subsidiaries from J.C. Flowers to Establish Platform in Medical Stop Loss and Managed Care Space

NSM Insurance Group | March 21, 2023

NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Sequoia Reinsurance Services, LLC, IOA Re, LLC and its divisions Rockport Benefits and Insurance Resources and Auditing Services, LLC, subsidiaries of ELMC Risk Solutions, LLC ("ELMC"), a portfolio company of J.C. Flowers & Co. ("J.C. Flowers"). J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. "We're entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability," said Bill McKernan, President of NSM Insurance Group. "We're excited about the synergies we have with the individual teams and the significant growth potential for each business. Our team is committed, motivated and laser focused on driving the continued growth and innovation of these three businesses." "J.C. Flowers is proud to have supported ELMC's growth over the years to include some of the most well-respected managing general underwriters in the industry," said Eric Rahe, Managing Director and Co-President of J.C. Flowers. "This is a positive outcome, and we believe these companies will continue to thrive as part of NSM." Richard Fleder, CEO of ELMC added, "Sequoia Re, IOA Re and Rockport are remarkable MGUs with terrific management teams. We are very happy to have found a great home for them!" The acquired businesses are industry leaders in the field of medical stop loss insurance and managed care insurance — delivering robust and innovative insurance solutions to their clients and broking partners. "We're thrilled to join the NSM family of best-in-class insurance offerings that truly lead the way in delivering comprehensive products to our distribution partners," said John Parker, President and CEO of IOA Re. "NSM is well respected throughout the industry for building successful businesses and their unparalleled expertise, resources and capacity will help take our collective businesses to new heights." Dan Bolgar, President and CEO of Sequoia Reinsurance Services added, "The Sequoia team is delighted to join forces with NSM. Not only is this validation of what the team has built over our short history, but we are joining a firm whose very foundation is delivery of product and consistent value to its risk partners. We know NSM can help us navigate marketplace change while we continue to enhance and innovate our product offerings." Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy, industry veterans with extensive experience in the medical stop loss industry. "We are truly energized about partnering with NSM to expand our presence in the marketplace," said Ms. Argeros and Ms. Herlihy. "As a highly-respected and reliable managing general underwriter known for delivering unparalleled service and creative stop loss solutions, we believe the future is very bright with NSM." Over the past 32 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. These acquisitions complement NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance. About NSM Insurance Group NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; staffing; and workers' compensation. For more information on NSM, visit nsminc.com. About J.C. Flowers & Co. J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has approximately $4 billion of assets under management. J.C. Flowers has offices in New York, London and Palm Beach with a 21-person investment staff who have a combined 300+ years of experience. Over its 25-year history, J.C. Flowers has invested more than $17 billion of capital in 65 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. For more information, please visit www.jcfco.com.

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CORE INSURANCE, RISK MANAGEMENT

Inszone Insurance Acquires Jack E. Gilbert Insurance to Expand Reach

Inszone Insurance Services | March 15, 2023

On March 14, 2023, Inszone Insurance Services, a rapidly expanding national provider of benefits, personal, and commercial lines insurance, informed that the company has acquired Jack E. Gilbert Insurance Agency, Inc. This acquisition is poised to enhance the capabilities of Inszone Insurance Services and is a strategic step in the company's growth trajectory. Headquartered in San Jose, Jack E. Gilbert Insurance Agency, Inc. has been catering to clients in California, Arizona, Colorado, Nevada, Texas, and Washington since 1980. Over the years, the agency has gained immense popularity for its comprehensive range of insurance programs, which include specialized programs for transportation, trucking and towing, and worker's compensation. Chris Walters, CEO of Inszone Insurance Services, stated, "Jack E. Gilbert Insurance Agency has a long-standing reputation for providing exceptional customer service to its clients." He added, "We are excited to welcome their team of insurance professionals to the Inszone Insurance family, as we continue to expand our presence in California and beyond." (Source – Business Wire) The acquisition of Jack E. Gilbert Insurance Agency, Inc. will provide Inszone Insurance Services with access to the agency's extensive expertise and client base. This strategic move aims to strengthen the capabilities of Inszone Insurance Services and enable the company to offer top-notch insurance services to its clients while also expanding its market reach. The team at Jack E. Gilbert Insurance Agency will continue to operate under the Inszone Insurance brand, maintaining the same level of customer care and service that their clients have come to expect. This acquisition represents a crucial step in Inszone Insurance's growth strategy, as the company aims to expand its national footprint and further cement its position as a leading insurance provider in the United States. About Inszone Insurance Services Inszone Insurance Services, founded in 2002 and headquartered in Sacramento (California), is a full-service insurance brokerage firm that provides a comprehensive range of property & casualty insurance, along with employee benefits solutions. With an experienced and dynamic management team, the company continues to grow both organically as well as through strategic acquisitions. It presently has 40 locations spread across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois and is poised to expand its presence throughout the United States.

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CORE INSURANCE, RISK MANAGEMENT

CCC Intelligent Solutions Joins Duck Creek’s Strategic Partner Program

CCC Intelligent Solutions and Duck Creek Technologies | February 03, 2023

On February 2, 2023, CCC Intelligent Solutions (CCC), a premier SaaS platform powering the P&C insurance industry, joined Duck Creek Technologies' partner program as a strategic member. Duck Creek Technologies is an intelligent solutions provider shaping the future of P&C insurance. Joint customers will benefit from increased automation and improved efficiency in claims handling for both employees and policyholders, thanks to the integration, which will allow Duck Creek core system users seamless access to solutions from CCC's industry-leading claims management suite. Manju Bansal, Vice President, Ecosystems and Alliances for CCC, stated, "Our insurance customers are looking to automation to drive greater efficiency and better experiences for their staff and end consumers." He added, "Working with Duck Creek is a natural extension of our network strategy, which is centered on enabling technology partners to integrate with the CCC platform and offer solutions that add value to our customers' business. This integration will not only save insurers time accessing the tools they need and use every day, but it will also help drive process improvements across their existing workflows." (Source – GlobeNewswire) The Duck Creek and CCC interface gives mutual customers seamless access to their CCC Claim Folders and technologies that promote early claim resolution, such as predictive inspection, which turns complex vehicle damage data into actionable insights at the first notice of loss. Insurers can also hire workers, find repair businesses, and schedule appraisals for policyholders. In addition, single sign-on (SSO) allows insurers to access CCC's platform from Duck Creek Claims. Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies, expressed, "We are delighted to deepen our relationship with CCC." "This is an important integration for our customers who seek to drive efficiency and automation into everyday processes. We're excited to offer seamless access to certain CCC solutions and create even more value for our platform," he concluded. (Source – GlobeNewswire) About CCC Intelligent Solutions CCC's connected data platform is reshaping the trillion-dollar automobile and insurance industries. Its cloud-based SaaS solutions use the latest AI, IoT, telematics, customer experience, mobile, and digital workflow technologies to generate deep, actionable insights that help clients drive business and impact lives. The company has innovated throughout its 40-year history, scaling through client relationships and delivering industry-leading first-to-market solutions. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions supplier shaping the future of property and casualty (P&C) and general insurance. Modern insurance systems use its platform to perform flexible, innovative, and evergreen operations on the cloud. The company believes insurance should be there for people and businesses when, where, and how they need it. Besides, all its market-leading solutions are available via Duck Creek OnDemand.

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